Attacks by Yemen’s Houthis against Saudi energy infrastructure drove oil prices towards the $100 a barrel mark, as fears grow that the largely dormant Middle East conflict is worsening. The latest set of ballistic missiles and drones launched by the Iran-backed Houthis left dozens wounded and targeted energy installations in southern Saudi Arabia, which had to halt some operations.
Though the pace of attacks is a far cry from the peak of their war, Washington and Tehran have traded fire in recent days and rhetoric from both sides has been aggressive, while passage through the Strait of Hormuz remains restricted. Goldman Sachs raised its oil-price forecast, “reflecting our new assumption that Mideast shipping disruptions continue into 2027.”